Posted May 5th, 2012 by Jenniffer B. Austria
Homebuilder Filinvest Land Inc. said Friday net income in the first quarter jumped 20.6 percent to P748 million from P620 million in the same period last year, on higher real estate sales and rental income.
The company said in a disclosure to the stock exchange revenues jumped 41 percent to P2.73 billion in the three-month period from P1.93 billion a year ago, as real estate sales rose 50 percent to P2.03 billion and rental income went up by 14 percent to P410 million.
Reservation sales reached P3.2 billion in the first quarter, or 15 percent higher than the P2.8 billion generated during the same period last year.
The property firm spent close to P2 billion in capital expenditures in the January-March period, up by 47 percent from a year ago.
It said capital spending was expected to accelerate in the coming quarters as the expansion of Festival Supermall and construction of Il Corso lifestyle strip at Citta di Mare in Cebu begin.
The company has recently won the bid to develop a 1.2-hectare property owned by the provincial government of Cebu in Lahug, Cebu. The project will involve the construction of four business process outsourcing buildings, with the first building targeted to break ground in second quarter.
(Published in the Manila Standard Today newspaper on /2012/May/05)